The whole situation is tough to figure out how it will go. Because now they were able to originate all this debt out of thin air so why even have any real qualifying standards. Just let builders pop up cheap homes and give refugees and immigrants loans with no money down and they can figure if they can at least get a year or two of payments then it was like free money for the banks.
It's hard to say how lose they will make the standards. B of A already did the one deal where if you are black or Mexican it didn't matter what your credit score was, they would give a loan.
There are certainly going to be a lot of vacant properties at some point we would think.